North American Interfraternity Conference Inc

“The north-american interfraternity conference does not have an endowment fund. The amount previously reported is a board designation and not an endowment fund. Amounts previously reported in this section of the return were done in error.”

“NIC is organized as a not-for-profit corporation under Section 501(c)(6) of the United States Internal Revenue Code and similar state law. The exemption is on all income except unrelated business income. An unrelated trade or business of an exempt organization is any trade or business which is not substantially related to the exercise or performance of its exempt purpose. Certain contract income in the past has been considered unrelated business income. CFE and WORKS are taxable corporations. Due to the limited activity of these companies, any income tax effects are insignificant for the year ended August 31, 2017. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Organization and recognize a tax liability if the Organization has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the Organization, and has concluded that as of August 31, 2017 there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying consolidated financial statements. NIC has filed its federal and state income tax returns for periods through August 31, 2016 and is subject to routine audits by taxing jurisdictions. However, as of the date the consolidated financial statements were available to be issued, there were no audits for any tax periods in progress. These income tax returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions). CFE and WORKS have not yet filed their initial corporate income tax returns.”

“Income reported on other returns 15,139. Cost of goods sold 4,251.”

“Expenses reported on other returns 62,878. Cost of goods sold 4,251.”